The EFSF, with funds committed by some 500,000 million euros, should also be a more flexible vehicle with capacity, among other things, to buy bonds in the secondary markets. In addition, the euro area needs improve their governance and coordination on land as the oversight, said the IMF. The Agency also asked Europe soon clear the great uncertainty about the role that private creditors in the new bailout to Greece could have. The debate on the scope of the participation of the private sector remains open and that’s a great uncertainty that must be resolved, said Everaert. There are different ways of tackling the problem, mentioned, but he insisted that the most important thing is to clear that question.

What is good for the euro zone also is good and essential for the rest of the world, he stressed. The report comes to light on the eve of the extraordinary Summit of leaders of the euro zone’s next Thursday that will seek a definitive solution to the Greek crisis that clear the risk of contagion to other countries. The German Chancellor, Angela Merkel, has ruled out this Tuesday, however, that the meeting go to settle it with a spectacular result that put an end to all the ills of the economy helena. Before these statements, Everaert stressed that in situations like the present as soon as possible action better. The top IMF official warned that contradictory statements about how to deal with the problem of sovereign debt in Greece has contributed to the uncertainty. Eurozone finance ministers recently emphasized the need for Greek debt to reach sustainable levels without knowing yet is how to achieve that goal. The European Central Bank (ECB) has warned, meanwhile, that any initiative of credit rating labelled selective moratorium would lead to a collapse of the Greek banking system in matter of days. Source of the news: the IMF warning of the risk of global contagion if the crisis is not resolved soon in the eurozone